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Germany has announced a higher-than-expected increase in the German storage fee from 1 July, even though the levy is expected to be scrapped at the start of 2025. The announced short-term rise combined with Austria’s OMV warnings about a possible gas supply curtailment amid a court case ruling lifted European gas prices in the second half of May. The almost simultaneous news triggered volatility across hubs as markets remain on edge over the regional supply outlook as the Russian gas transit agreement with Ukraine ends on 1 January 2025. ICIS models show that even in a scenario where flows were fully stopped this winter, European storage facilities should remain at levels that would be higher than the long-term average.  Nevertheless, markets remain sensitive to a number of risks described in this interview by Aura Sabadus with ICIS reporters Irina Breilean, Rob Dalton, Tatjana Jovanovic and Amun Govil-Lie. 

Eloise Radley, Energy Market Reporter, and Ignacio Sotolongo, Senior Editor at ICIS, sit down to discuss how geopolitics has impacted US oil production in recent years and how things could change if we see a new administration in November.

Deputy Crude Editor Cecilia Barreiro and Energy Market Reporter Eloise Radley sit down with Market Editors, Nazif Nazmul and Shruti Salwan to discuss how we can tackle the transport sector in a transitioning world. Are sustainable fuels the answer to decarbonising transportation? Or is there a lack of support in Europe? Join us as we address the current use of biofuels and Sustainable Aviation fuel in Europe, policy and challenges. 

Crude prices rose above $90/bbl for the first time this year last week,  after Saudi Arabia and Russia announced they will extend voluntary oil production cuts until the end of the year. Worries of tight supply could continue to drive oil prices higher, with some market participants even suggesting $100/bbl crude by the end of 2023. In this podcast, ICIS crude oil experts outline three things which could intensify an oil supply deficit in Q4. 

As European countries are looking to wean themselves off Russian gas imports, buyers have been looking for opportunities elsewhere, including in the Caspian region. A number of central and eastern European countries have expressed interest in buying gas from Azerbaijan but Italian buyers who are already off-taking volumes would like to increase imports. However, does Azerbaijan have enough resources to supply central, southern and eastern Europe? If not, will CEE countries compete with Italy over limited supplies? Italy and CEE senior gas market reporters Camilla Vitanza and Luka Dimitrov tell Aura Sabadus about the constraints and the options that are available. 

Corporate governance rules at Ukraine’s energy state owned enterprises (SOEs) have been critical to market reforms and to helping the country secure a long-term gas transit contract with Russia. As Ukraine is preparing to receive billions of euros for the reconstruction of its war-torn energy sector, consolidating corporate governance rules are even more important as a guarantee against possible corrupt practices. However, in this interview with ICIS’ senior journalist Aura Sabadus, Dr Andriy Boytsun, a corporate governance expert, explains that safeguards have been eroded even as pressures to tighten up the independence of companies such as Naftogaz, GTSOU or Ukrenergo are growing.